8X8's (EGHT) "Sell (D-)" Rating Reaffirmed at Weiss Ratings

Key Points

• 8X8 (NASDAQ:EGHT) has had its "sell (D-)" rating reaffirmed by Weiss Ratings, indicating persistent concerns about the company’s performance.
• Mizuho has cut its price target for 8X8 from $2.50 to $2.00, while Wells Fargo reduced its target from $2.00 to $1.50, signaling a bearish outlook on the company.
• In recent trading, shares of 8X8 fell by 5.2%, opening at $2.02, and the stock has a consensus rating of "Hold" with a price target of $2.51.

8X8 (NASDAQ:EGHT - Get Free Report)'s stock had its "sell (d-)" rating reaffirmed by equities research analysts at Weiss Ratings in a note issued to investors on Tuesday,Weiss Ratings reports.

Several other research analysts also recently weighed in on the company. B. Riley restated a "buy" rating and set a $3.00 target price (down from $4.00) on shares of 8X8 in a research note on Wednesday, May 14th. Morgan Stanley dropped their target price on 8X8 from $2.60 to $1.90 and set an "underweight" rating on the stock in a research note on Wednesday, April 16th. Wall Street Zen upgraded 8X8 from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 21st. Mizuho dropped their price target on 8X8 from $2.50 to $2.00 and set an "underperform" rating on the stock in a research note on Tuesday, April 15th. Finally, Wells Fargo & Company dropped their price target on 8X8 from $2.00 to $1.50 and set an "underweight" rating on the stock in a research note on Tuesday, April 22nd. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $2.51.

8X8 Stock Down 3.6%

Shares of EGHT traded down $0.07 during trading hours on Tuesday, hitting $1.87. The company had a trading volume of 964,694 shares, compared to its average volume of 621,340. The company has a market capitalization of $251.48 million, a PE ratio of -8.90, a price-to-earnings-growth ratio of 1.81 and a beta of 1.85. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.77. 8X8 has a one year low of $1.51 and a one year high of $3.52. The company's fifty day moving average price is $1.89 and its two-hundred day moving average price is $2.11.

Insider Activity at 8X8

In other 8X8 news, major shareholder Sylebra Capital Llc sold 103,826 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $1.79, for a total transaction of $185,848.54. Following the transaction, the insider owned 13,781,823 shares in the company, valued at approximately $24,669,463.17. This represents a 0.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 311,470 shares of company stock valued at $567,950 in the last quarter. 2.01% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On 8X8

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in 8X8 by 3.1% during the first quarter. Vanguard Group Inc. now owns 13,009,471 shares of the company's stock worth $26,019,000 after acquiring an additional 393,478 shares during the last quarter. Bank of America Corp DE grew its stake in shares of 8X8 by 7.0% in the fourth quarter. Bank of America Corp DE now owns 3,795,150 shares of the company's stock valued at $10,133,000 after buying an additional 249,798 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of 8X8 by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 3,024,322 shares of the company's stock valued at $8,077,000 after buying an additional 41,929 shares in the last quarter. Acadian Asset Management LLC grew its stake in shares of 8X8 by 60.7% in the first quarter. Acadian Asset Management LLC now owns 2,601,752 shares of the company's stock valued at $5,201,000 after buying an additional 982,342 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of 8X8 by 4.8% in the fourth quarter. AQR Capital Management LLC now owns 1,772,844 shares of the company's stock valued at $4,733,000 after buying an additional 81,843 shares in the last quarter. Hedge funds and other institutional investors own 93.99% of the company's stock.

8X8 Company Profile

8x8, Inc engages in the provision of enterprise communication solutions. It offers solutions to the business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in Campbell, CA.